Urban Edge Properties
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
UE$20.42-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001611547-25-000046
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001611547-25-000076
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 126 previous paragraphs and 116 current paragraphs.
39 unchanged; 65 reworded; 10 added; 15 removed; 7 previous and 2 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
•$0.3 million increase as a result of property acquisitions net of dispositions since the third quarter of 2024; offset by
Current report
•$0.7 million decrease in lease termination income and other income.
Current report
Depreciation and amortization increased by $2.2 million to $36.8 million in the third quarter of 2025 from $34.7 million in the third quarter of 2024. The increase is primarily attributable to:
Current report
•$1.2 million increase as a result of property acquisitions net of dispositions since the third quarter of 2024; and
Current report
•$1.0 million increase due to assets placed in service for completion of redevelopment projects during the year.
Current report
•$0.7 million decrease in lease termination income and other income; and
Current report
•$9.3 million increase as a result of property acquisitions net of dispositions.
Current report
Real estate tax expense decreased by $2.4 million to $49.7 million in the nine months ended September 30, 2025 from $52.1 million in the nine months ended September 30, 2024. The decrease is primarily attributable to:
Current report
Property operating expenses increased by $1.1 million to $58.3 million in the nine months ended September 30, 2025 from $57.2 million in the nine months ended September 30, 2024. The increase is primarily attributable to:
Current report
Interest and debt expense decreased by $3.3 million to $58.7 million in the nine months ended September 30, 2025 from $62.0 million in the nine months ended September 30, 2024. The decrease is primarily attributable to:
Removed paragraphs (15)
Previous report
•$0.9 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024; offset by
Previous report
Depreciation and amortization decreased by $7.1 million to $32.6 million in the second quarter of 2025 from $39.7 million in the second quarter of 2024. The decrease is primarily attributable to:
Previous report
•$0.6 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Previous report
•$3.2 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Previous report
Real estate taxes decreased by $1.5 million to $32.9 million in the six months ended June 30, 2025 from $34.5 million in the six months ended June 30, 2024. The decrease is primarily attributable to:
Previous report
•$0.4 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Previous report
Property operating expenses increased by $1.5 million to $40.3 million in the six months ended June 30, 2025 from $38.8 million in the six months ended June 30, 2024. The increase is primarily attributable to:
Previous report
•$0.6 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Previous report
Interest and debt expense decreased by $3.2 million to $39.3 million in the six months ended June 30, 2025 from $42.5 million in the six months ended June 30, 2024. The decrease is primarily attributable to:
Previous report
Supplemental U.S. Federal Income Tax Considerations
Previous report
The following discussion supplements and updates the disclosures under the heading “Certain United States Federal Income Tax Considerations” in the prospectus dated August 15, 2022, contained in our Registration Statement on Form S-3 (File No. 333-266885) filed with the SEC on August 15, 2022 (the “S-3 Tax Disclosure”) and as supplemented by the disclosures under the heading “Supplemental U.S. Federal Income Tax Considerations” on the Form 10-K filed with the SEC on February 12, 2025 (together with the S-3 Tax Disclosure, the “Existing Tax Disclosure”). Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.
Previous report
On July 4, 2025, H.R. 1, informally known as the One Big Beautiful Bill Act (the “OBBB”), was enacted. The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular,
Previous report
•For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT’s assets may be represented by securities of one or more taxable REIT subsidiaries.
Previous report
•The OBBB permanently extended the Code Section 199A pass-through qualified business income deduction, generally allowing certain individuals, trusts and estates to deduct 20% of the aggregate amount of qualified REIT dividends (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) distributed by a REIT. This deduction was due to expire for tax years beginning after December 31, 2025.
Previous report
To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the S-3 Tax Disclosure prior to the section of the S-3 Tax Disclosure entitled “Classification and Taxation of Urban Edge Properties as a REIT,” as if those qualifications were set forth in this Form 10-Q.
Reworded paragraphs (65)
Previous wording
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, and adverse impacts to supply chain, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, hedge, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and o…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chain, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, refinance, hedge, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
The Operating Partnership’s capital includes general and common limited partnership interests (“OP Units”). As of June 30, 2025, Urban Edge owned approximately 95.0% of the outstanding common OP Units with the remaining limited OP Units held by members of management and the Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership.
Current wording
The Operating Partnership’s capital includes general and common limited partnership interests (“OP Units”). As of September 30, 2025, Urban Edge owned approximately 94.9% of the outstanding common OP Units with the remaining limited OP Units held by members of management and the Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership.
Previous wording
As of June 30, 2025, our portfolio consisted of 68 shopping centers, two outlet centers and two malls totaling approximately 17.1 million square feet of gross leasable area with a consolidated occupancy of 89.9%.
Current wording
As of September 30, 2025, our portfolio consisted of 68 shopping centers, two outlet centers and two malls totaling approximately 17.1 million square feet of gross leasable area with a consolidated occupancy of 89.8%.
Previous wording
The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities and impairments. For the six months ended June 30, 2025, there were no material changes to these estimates.
Current wording
The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities and impairments. For the nine months ended September 30, 2025, there were no material changes to these estimates.
Previous wording
We continue to monitor the impacts of inflation on our operations. Although inflationary pressures have begun to abate, inflation may increase again in the future. In 2024, the Federal Reserve cut rates driven in part by positive economic reports and a decrease in inflation levels. However, interest rates still remain at elevated levels compared to the years preceding 2021, and could remain at this level in the near-term and long-term. We occasionally utilize interest rate derivative agreements to hedge the effect of rising interest rates on our variable rate debt. As of June 30, 2025, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements. Our only variable rate exposure is related to our line of credit, which has an outstanding balance of $90 million as of June 30, 2025 and is indexed to SOFR, plus an applicable margin per the Revolving Credit Agreement. As of June 30, 2025, we were counterparty to one interest rate swap agreement, which qualifies for, and is designated as, a hedging instrument. We are actively managing our business to respond to the economic and social impacts from events and circumstances such as those described above. See “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
We continue to monitor the impacts of inflation on our operations. In September 2025, the Federal Reserve cut its benchmark interest rate by 25 basis points, driven by moderated economic growth, a weakened labor market and an increase in unemployment levels. Inflation levels have increased since the second quarter of 2025 and remain somewhat elevated in relation to the Federal Reserve’s target of 2 percent. We occasionally utilize interest rate derivative agreements to hedge the effect of changing interest rates on our variable rate debt. As of September 30, 2025, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements. Our only variable rate exposure is related to our line of credit, which has no outstanding balance as of September 30, 2025 and is indexed to SOFR, plus an applicable margin per the Revolving Credit Agreement. As of September 30, 2025, we were counterparty to two interest rate swap agreements, both of which qualify for, and are designated as, hedging instruments. We are actively managing our business to respond to any economic and social impacts from events and circumstances such as those described above. See “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
(1)Refer to pages 35-36 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.
Current wording
(1)Refer to pages 36-37 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.
Previous wording
Net income for the three months ended June 30, 2025 was $60.8 million, compared to net income of $32.0 million for the three months ended June 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended June 30, 2025 as compared to the same period in 2024:
Current wording
Net income for the three months ended September 30, 2025 was $15.5 million, compared to net income of $9.5 million for the three months ended September 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended September 30, 2025 as compared to the same period in 2024:
Previous wording
Total revenue increased by $7.5 million to $114.1 million in the second quarter of 2025 from $106.5 million in the second quarter of 2024. The increase is primarily attributable to:
Current wording
Total revenue increased by $7.7 million to $120.1 million in the third quarter of 2025 from $112.4 million in the third quarter of 2024. The increase is primarily attributable to:
Previous wording
•$5.8 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Current wording
•$4.4 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Previous wording
•$1.3 million increase in non-cash revenues driven by accelerated amortization of above-market lease intangibles in the second quarter of 2024; and
Current wording
•$3.7 million increase in non-cash revenues driven by rent commencements and accelerated amortization of below-market lease intangibles in the third quarter of 2025; and
Previous wording
Real estate tax expense decreased by $0.9 million to $16.6 million in the second quarter of 2025 from $17.5 million in the second quarter of 2024. The decrease is primarily attributable to:
Current wording
Real estate tax expense decreased by $0.9 million to $16.8 million in the third quarter of 2025 from $17.7 million in the third quarter of 2024. The decrease is primarily attributable to:
Previous wording
•$0.4 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the second quarter of 2024, offset by project completions.
Current wording
•$0.5 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the third quarter of 2024, offset by project completions; and
Previous wording
•$0.3 million decrease as a result of property dispositions, net of acquisitions since the second quarter of 2024.
Current wording
•$0.4 million decrease as a result of property dispositions net of acquisitions since the third quarter of 2024.
Previous wording
Property operating expenses decreased by $0.7 million to $17.5 million in the second quarter of 2025 from $18.3 million in the second quarter of 2024. The decrease is primarily attributable to
Current wording
Property operating expenses decreased by $0.4 million to $18.1 million in the third quarter of 2025 from $18.4 million in the third quarter of 2024. The decrease is primarily attributable to lower expenses incurred for insurance premiums, partially offset by higher common area maintenance as compared to the third quarter of 2024.
Previous wording
General and administrative expenses increased by $2.3 million to $11.7 million in the second quarter of 2025 from $9.4 million in the second quarter of 2024. The increase is primarily attributable to severance expenses incurred in the second quarter of 2025.
Current wording
General and administrative expenses decreased by $0.4 million to $9.0 million in the third quarter of 2025 from $9.4 million in the third quarter of 2024. The decrease is primarily attributable to lower employment expenses.
Previous wording
Interest and debt expense decreased by $2.4 million to $19.5 million in the second quarter of 2025 from $21.9 million in the second quarter of 2024. The decrease is primarily attributable to:
Current wording
Interest and debt expense decreased by $0.2 million to $19.4 million in the third quarter of 2025 from $19.5 million in the third quarter of 2024. The decrease is primarily attributable to:
Previous wording
•$0.3 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; offset by
Current wording
•$1.0 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; and
Previous wording
•$3.8 million decrease due to a lower average balance and lower interest rate on our line of credit;
Current wording
•$0.5 million decrease due to a lower average balance and lower interest rate on our line of credit; offset by
Previous wording
•$0.9 million increase as a result of new financings and refinancings since the second quarter of 2024, net of loan repayments; and
Current wording
•$1.0 million increase as a result of new financings and refinancings since the third quarter of 2024, net of loan repayments; and
Previous wording
•$0.4 million increase in amortization of deferred financing costs.
Current wording
•$0.3 million increase in amortization of deferred financing costs.
Previous wording
Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024
Current wording
Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
Previous wording
Net income for the six months ended June 30, 2025 was $69.2 million, compared to net income of $34.5 million for the six months ended June 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the six months ended June 30, 2025 as compared to the same period in 2024:
Current wording
Net income for the nine months ended September 30, 2025 was $84.7 million, compared to net income of $43.9 million for the nine months ended September 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the nine months ended September 30, 2025 as compared to the same period in 2024:
Previous wording
Total revenue increased by $16.1 million to $232.2 million in the six months ended June 30, 2025 from $216.2 million in the six months ended June 30, 2024. The increase is primarily attributable to:
Current wording
Total revenue increased by $23.8 million to $352.4 million in the nine months ended September 30, 2025 from $328.6 million in the nine months ended September 30, 2024. The increase is primarily attributable to:
Previous wording
•$11.6 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Current wording
•$16.2 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Previous wording
•$4.5 million increase as a result of property acquisitions, net of dispositions; and
Current wording
•$9.2 million increase as a result of property acquisitions, net of dispositions; and
Previous wording
•$1.5 million increase in non-cash revenues driven by accelerated amortization of above-market lease intangibles in the first six months of 2024; offset by
Current wording
•$0.7 million increase in non-cash revenues driven by rent commencements and accelerated amortization of below-market lease intangibles in the first nine months of 2025; offset by
Previous wording
•$1.5 million increase in rental revenue deemed uncollectible.
Current wording
•$1.4 million increase in rental revenue deemed uncollectible;
Previous wording
•$0.1 million decrease in percentage rent primarily due to timing of recognition as compared to the second quarter of 2024.
Current wording
•$0.2 million decrease in percentage rent primarily due to timing of recognition as compared to 2024.
Previous wording
Depreciation and amortization decreased by $8.5 million to $69.8 million in the six months ended June 30, 2025 from $78.3 million in the six months ended June 30, 2024. The decrease is primarily attributable to:
Current wording
Depreciation and amortization decreased by $6.3 million to $106.6 million in the nine months ended September 30, 2025 from $112.9 million in the nine months ended September 30, 2024. The decrease is primarily attributable to:
Previous wording
•$11.7 million decrease primarily related to accelerated depreciation in the first six months of 2024 on buildings taken out of service for redevelopment; offset by
Current wording
•$15.6 million decrease primarily related to accelerated depreciation in the first nine months of 2024 on buildings taken out of service for redevelopment; offset by
Previous wording
•$0.6 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the second quarter of 2024, offset by project completions; offset by
Current wording
•$1.2 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions;
Previous wording
•$0.5 million decrease as a result of successful tax appeals and lower assessments; and
Current wording
•$1.0 million decrease as a result of successful tax appeals and lower assessments; and
Previous wording
•$0.9 million higher expenses incurred for common area maintenance across the portfolio, partially offset by lower insurance expense as compared to the first six months of 2024; and
Current wording
•$0.5 million higher expenses incurred for common area maintenance across the portfolio, partially offset by lower insurance expense as compared to the first nine months of 2024.
Previous wording
General and administrative expenses increased by $2.8 million to $21.2 million in the six months ended June 30, 2025 from $18.4 million in the six months ended June 30, 2024. The increase is primarily attributable to severance expenses incurred in the first six months of 2025.
Current wording
General and administrative expenses increased by $2.4 million to $30.2 million in the nine months ended September 30, 2025 from $27.8 million in the nine months ended September 30, 2024. The increase is primarily attributable to severance expenses incurred in the first nine months of 2025.
Previous wording
We recognized a $49.5 million gain on sale of real estate during the six months ended June 30, 2025 primarily related to the sale of two non-core properties and one property parcel. In the six months ended June 30, 2024, we recognized a gain on sale of real estate of $15.3 million related to the sale of two properties.
Current wording
We recognized a $49.7 million gain on sale of real estate during the nine months ended September 30, 2025 primarily related to the sale of two non-core properties and one property parcel. In the nine months ended September 30, 2024, we recognized a gain on sale of real estate of $15.3 million related to the sale of two properties.
Previous wording
•$2.0 million decrease due to a lower average balance and lower interest rate on our line of credit;
Current wording
•$4.3 million decrease due to a lower average balance and lower interest rate on our line of credit;
Previous wording
•$0.5 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; offset by
Current wording
•$1.5 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, net of project completions; offset by
Previous wording
•$3.3 million increase as a result of new financings and refinancings since the second quarter of 2024, net of loan repayments; and
Current wording
•$4.3 million increase as a result of new financings and refinancings since the third quarter of 2024, net of loan repayments; and
Previous wording
•$0.6 million increase in amortization of deferred financing costs.
Current wording
•$1.0 million increase in amortization of deferred financing costs.
Previous wording
We recognized a $0.5 million gain on extinguishment of debt for the six months ended June 30, 2025 attributable to the return of escrow funds related to the Kingswood Center foreclosure, partially offset by a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge. During the six months ended June 30, 2024, we recognized a $21.7 million gain on extinguishment of debt attributable to the foreclosure settlement of Kingswood Center, partially offset by a $0.3 million loss on extinguishment of debt as a result of the prepayment of three variable rate mortgage loans in January 2024.
Current wording
We recognized a $0.5 million gain on extinguishment of debt for the nine months ended September 30, 2025 attributable to the return of escrow funds related to the Kingswood Center foreclosure, partially offset by a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge. During the nine months ended September 30, 2024, we recognized a $21.7 million gain on extinguishment of debt attributable to the foreclosure settlement of Kingswood Center, partially offset by a $0.3 million loss on extinguishment of debt as a result of the prepayment of three variable rate mortgage loans in January 2024.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•$0.2 million decrease as a result of property dispositions net of acquisitions.
Current report — wording carried from elsewhere
•$0.7 million increase as a result of property acquisitions net of dispositions; and
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
•$0.4 million increase in rental revenue deemed uncollectible; and
Previous report — wording carried elsewhere
•$7.7 million decrease primarily related to accelerated depreciation in the second quarter of 2024 on buildings taken out of service for redevelopment; offset by
Previous report — wording carried elsewhere
•$0.4 million lower expenses incurred for insurance premiums, partially offset by higher snow removal and common area maintenance as compared to the second quarter of 2024; and
Previous report — wording carried elsewhere
We recognized a gain on sale of real estate of $49.5 million in the second quarter of 2025 primarily related to the sale of two non-core properties and one property parcel. We recognized a gain on sale of real estate of $13.4 million in the second quarter of 2024 primarily related to the sale of a property located in Lodi, NJ.
Previous report — wording carried elsewhere
•$1.4 million decrease in interest expense due to the mortgage debt forgiven in connection with the foreclosure of Kingswood Center; and
Previous report — wording carried elsewhere
In the second quarter of 2025, we recognized a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge. In the second quarter of 2024, we recognized a $21.7 million gain on extinguishment of debt as a result of the foreclosure settlement of Kingswood Center.
Previous report — wording carried elsewhere
•$1.3 million decrease as a result of successful tax appeals and lower assessments; and